The top industries to start business in – Report reveals

Did you know that the failure rate of startups in the U.S. is over 50% in the first five years and over 70% in ten years? With the growing competition in the market, finding success in business is a challenge. However, there are ways to improve your chance of success by finding the right industry to work in – one that will not be substituted by robots in the future.

A new report by the small business financial solutions company Fundera acquired data from different sources including the Bureau of Labor Statistics and created a top 10 list of industries that can prove to be successful for the aspiring entrepreneurs. According to the report, these industries are currently growing fast, generating profitable revenue and likely to be around for a decade.

Good luck!

10. Transportation

The transport industry can include all types of vehicles including the driverless cars (a business projected to be a $3.6 trillion industry). Other sub-industries for this niche include autonomous vehicles, electric vehicles, and smart cities.

9. Real estate

The real estate industry holds exceptional growth opportunities. Online brokerage service and online designing service are some other ways to innovate the traditional real estate setup.

8. Finance

Financial companies like OnDeck and Fundera are already maximizing their profits within the finance industry and you can too by launching a startup or collaborating with a financial institution. Fintech and cryptocurrency are the best sub-industries for this niche.

7. Hospitality

Airbnb is the best example of the hospitality industry. Hotels, restaurants, leisure, and food/service providers all come within the umbrella of the hospitality industry.

6. Construction

According to a study by McKinsey, a third of the world’s urban population will struggle to find safe and secure housing by the year 2025. Developing efficient and affordable housing options is the best way to thrive in the construction industry.

5. Consumer retail

The report signifies that creating a retail business by combining both – an online shop and a brick mortar location is the key to success in the industry.

4. Media

The media industry is changing rapidly with apps like Netflix and Hulu replacing the tradition TV sets. Moreover, virtual reality is paving its way in the gaming zone and creating massive opportunities for the novice entrepreneurs.

3. Energy

As the population grows, the demand for oil, gas, and related facilities also increases. The energy industry offers more sustainability and efficiency as well for the startup owners.

2. Health

The health industry holds several opportunities including the traditional healthcare facilities and consulting through the online medium.

1. Technology

Technology tops the list with cloud computing, machine learning, and big data a significant part of today’s domain. The report also encourages business owners to make their product/service more user-friendly and provide users with a seamless experience that is timesaving as well.